Robert Dutton
- Republican
Author
The Personal Income Tax Law authorizes various credits against the taxes imposed by that law. Existing law authorizes a credit against those taxes in an amount equal to the lesser of 5% of the purchase price of a qualified principal residence, as defined, purchased on and after March 1, 2009, and before March 1, 2010, or $10,000, allocated by the Franchise Tax Board on a first-come-first-served basis. Existing law requires a taxpayer to provide the Franchise Tax Board with a certification from the seller of the qualified principal residence that the residence has never been previously occupied within one week of the sale of the residence and caps the total amount of the credit at $100,000,000. This bill would allow the tax credit for purchases of a qualified principal residence made before the date that is 12 months after the effective date of this bill, subject to specified restrictions. This bill would revise the certification requirements to provide that the taxpayer receive the certification no later than one week after the close of escrow on the qualified principal residence and that the Franchise Tax Board be provided with the certification upon request by the board. This bill would also remove the cap on the total credit amount allowed and the requirement that the tax credits be allocated on a first-come-first-served basis. This bill would take effect immediately as a tax levy.
No votes to display
Returned to Secretary of Senate pursuant to Joint Rule 56.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
Placed on REV. & TAX. suspense file.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
Set for hearing May 13.
From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.
Hearing postponed by committee.
Set for hearing April 22.
To Com. on REV. & TAX.
From print. May be acted upon on or after February 13.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB49 | HTML |
| 01/13/09 - Introduced | |
| 04/14/09 - Amended Senate | |
| 05/06/09 - Amended Senate | |
| 05/26/09 - Amended Senate | |
| 06/09/09 - Amended Senate | |
| 01/06/10 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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